We met with Valeura’s management in Turkey last week. Valeura has announced that Yamalik-1 production had stabilised at 0.5 mmcf/d (gas) and a very encouraging condensate yield of 50 bbl/mcf. Investors’ attention was however caught by 269 bbl/d of water, probably suggesting some formation water production. This sent the share price down c.40% on concerns the play did not work and probable flashbacks of ExxonMobil’s failure at the Mako Through play in Hungary.
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Water reflections
We met with Valeura’s management in Turkey last week. Valeura has announced that Yamalik-1 production had stabilised at 0.5 mmcf/d (gas) and a very encouraging condensate yield of 50 bbl/mcf. Investors’ attention was however caught by 269 bbl/d of water, probably suggesting some formation water production. This sent the share price down c.40% on concerns the play did not work and probable flashbacks of ExxonMobil’s failure at the Mako Through play in Hungary.